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Maersk Drilling slashes HQ staff by 20% on low oil prices

[COPENHAGEN] Maersk Drilling, a unit in conglomerate A P Moller-Maersk, said it would cut 90 jobs at its headquarters, or 20 per cent of its staff there, due to a weak rig market hit by a slump in oil prices.

The cuts are part of a wider "cost reduction and efficiency enhancement programme", according to Maersk Drilling's statement.

A spokeswoman declined to specify financial details but said the 90 positions amounted to 20 per cent of headquarter staff.

"It is regrettable that we have to scale down the head office, however, under the current market conditions it will be irresponsible not to act," Maersk Drilling CEO Claus Hemmingsen said in the statement.